BITCOIN (BTC/USD): simple and neat breakdown. Further drop soon?
Let's have a look at the multi-timeframe chart analysis of Bitcoin.
Firstly, taking a look at the Monthly timeframe chart, it can be noticed that the price is sitting on a key area of support. Logically, we should expect for the price to bounce from this zone and keep rising. However, looking at the previous few candles, it can be inferred that the bearish pressure is way too strong for a bullish reversal to happen any soon.
Zooming into lower timeframe chart, we can observe that the price action looks magnificent, as accumulation+distribution phases keep taking place one after another. At the moment, we can see that the price is ranging in a sideways-moving rectangular box. The last time when that happened, the price continued dropping dramatically.
Hence, we are expecting for the price to follow its historical movements and continue plummeting to the downside.
Firstly, taking a look at the Monthly timeframe chart, it can be noticed that the price is sitting on a key area of support. Logically, we should expect for the price to bounce from this zone and keep rising. However, looking at the previous few candles, it can be inferred that the bearish pressure is way too strong for a bullish reversal to happen any soon.
Zooming into lower timeframe chart, we can observe that the price action looks magnificent, as accumulation+distribution phases keep taking place one after another. At the moment, we can see that the price is ranging in a sideways-moving rectangular box. The last time when that happened, the price continued dropping dramatically.
Hence, we are expecting for the price to follow its historical movements and continue plummeting to the downside.
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